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How to buy Bitcoin in Austria
Is BTC a good investment in Austria?
Bitcoin has been a popular name over the last decade. The growth in Bitcoin’s popularity has made it a globally acknowledged currency and a valuable asset. In July 2010, Bitcoin began trading at US$0.0008. By mid-April of 2021, Bitcoin prices reached new all-time highs of over $60,000 but by the summer of that same year prices were down by 50%. Bitcoin later reached its all-time high above $68,000 in November 2021. In 2022, Bitcoin's price continued to gradually decline but this is a natural process, as we have seen it happen before. You should keep in mind that in the world of cryptocurrencies, every high has a low and after every low, there will be a high sometime. So, it is important to get the timings right. Understanding the nature of the market and analyzing the movements of Bitcoin can be a guide for investors. That is why people’s attention and interest in Bitcoin remains high yet cautious, regardless of its price. As a result, some crypto market experts have even predicted that Bitcoin’s price could reach around $79,000 by the year 2025. In simple terms, it is hard to reach a definite answer when it comes to crypto investments. But if you have a good crypto market outlook to some extent and Bitcoin fits within your risk tolerance prospects, then it could be a satisfactory investment on the long-term perspective.
What is Bitcoin ?
Bitcoin is a digital currency or a form of digital asset, which is of high market value. It is ranked 1st in the crypto market. Bitcoin is a decentralized digital currency that no one controls and anyone can use it in order to transfer monetary units of the network. Bitcoin has made it possible to send money to any part of the world easily and regardless of geographical borders and banking networks.
A very important function of Bitcoin is to maintain value. Because as we know, governments and central banks have the power to print money indefinitely and thereby reduce the value of their national currencies. In the Bitcoin network, although everyone can participate in the creation of new currency units, the total number of coins that can be created can be a maximum of 21 million units. The limited number of Bitcoin coins and the impossibility of creating more Bitcoins than what miners are allowed to mine are from the rules of the Bitcoin network which protect its value. This is one of the reasons that distinguishes Bitcoin as a long-term investment.
Is Bitcoin legal to buy in Austria
In Austria, cryptocurrency is accepted as an intangible asset. According to Global Legal Insight website, there is no specific regulation against buying or trading crypto in this country. Therefore, it is considered legal. However, the country’s financial authorities announced in 2020 that it has set a fine of up to 200,000 Euro for individuals or businesses related to cryptocurrency who don’t follow anti-money-laundry laws. By 2022, almost 2% of Austrians had at least one cryptocurrency as their digital assets. They also have stated in the digital currency laws in Austria that these cryptocurrencies are not considered a means of payment or supported by this body. Businesses related to digital currencies must obtain a license from the financial organization.
Is Bitcoin taxed in Austria
According to the Federal Ministry, Republic of Austria Finance, dgital currencies are exempt from value-added tax (VAT). But, if these cryptocurrencies are used as a payment method or in exchange for a product, they will be taxed and dealt with according to the laws of payment instruments.
Crypto tax laws were reformed on March 1, 2022. Previously, crypto owners in Austria only had to pay income tax on short-term crypto gains. This means that if they sold, spent or traded the cryptocurrency in less than a year, they would have to pay income tax. But if they kept this digital currency for more than a year, even if they made a profit by selling it, they would not pay any tax. New laws changed this situation. From now on, all crypto transactions will be subject to a 27.5% tax rate, whether the crypto owner sells it for less than a year or holds it for a long time. However, the new rules only apply to coins purchased after February 28, 2021. Any digital currency purchased before this date will be operated with the previous rules.
After you've bought Bitcoin in Austria
Bitcoin is a kind of electronic money by which you can send money to any part of the world or sometimes use it to buy goods and services. Bitcoin's two main features of decentralization and freedom from printing more currency units are significant achievements over today's money. These Bitcoin features are paving the way for a new form of economic system in the future. You can consider Bitcoin as a payment token, use it to make currency transfers, and even order from online stores. But looking at the use of Bitcoin in today's world, it can be seen that most people buy Bitcoin as an investment. For this reason, another point of view has emerged according to which Bitcoin can be used as an asset in addition to being able to play the role of money; An asset that can maintain its value over time.
Who can buy Bitcoin in Austria
Everyone can buy cryptocurrency in Austria. However, people need to have a valid identity and bank account while buying cryptocurrency on any exchange. They will be authenticated, then they can start buying coins. Although people can buy cryptocurrency anonymously, it is not recommended to people, especially beginners because it is not a secure way of buying cryptocurrency, and people will be more prone to be hacked or losing their assets. If you want to buy cryptocurrency in Austria, sign up on Blocktrade and select the coin you want to buy. It is a safe and cheap way of purchasing cryptocurrency in Austria.
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Frequently asked questions
If we consider Bitcoin to have intrinsic value due to some of its features such as limitedness and unforgeability and use it as a tool that preserves value over time, perhaps it is an asset worth buying. Bitcoin can be presented as a type of investment that preserves the value of your savings in the long term. However, we recommend that before purchasing Bitcoin, study the ins and outs of the Bitcoin market and consult with professionals.
Lots of exchanges are available in Austria that support lots of cryptocurrencies. You can easily find the right platform for buying your preferred coin. Blocktrade is one of the best exchanges regulated in the EU. You can find several coins on this exchange and trade with zero fees.
There is no rule against buying, investing in, selling or even mining cryptocurrency in Austria.
You can purchase a small amount of Bitcoin, unlike stocks. The least amount of Bitcoin that you can likely purchase is equivalent to 1 Satoshi, or 0.00000001 Bitcoins, depending on its price of the day.
It is allowed to buy and sell cryptocurrency in Austria, but you need to know that this country has strict rules against money laundering. Therefore, check the rules to prevent any fines regarding selling crypto.You can sell your coins on the BlockTrade exchange easily and quickly.
Due to theft, computer malfunction, loss of access keys, and other reasons, users may lose Bitcoin and other cryptocurrency tokens. Although hot wallets are still practical for some users, cold storage (also known as offline wallets) is one of the safest ways to store Bitcoin because it cannot be accessed online. Consider using a hardware wallet for all of your long-term Bitcoin and cryptocurrency storage if you're looking for the safest storage option. For short-term investments, you can also keep your Bitcoins on our exchange wallet in order to trade more easily.If you want to hold Bitcoin long-term, although you can still keep your cryptocurrency in this wallet, it is better to not keep it in the exchange wallet nor the software one. The safest option would be a hardware wallet.